Case Law Details
Santosh Kumar Vs ITO (ITAT Jaipur)
Tribunal has considered the guidance note of ICAI in respect of the tax audit U/s 44AB of the Act wherein the turnover or gross receipt in respect of speculative transactions has been considered as some total of positive and negative outcome of the speculative transactions. This Tribunal in a subsequent decision dated 17.02.2020 in case of Shri Sanjay Prakash vs. ITO in ITA No. 1052 to 1054/JP/2019 has again considered the said this issue and by following the earlier decision accepted the contention of the assessee that turnover in respect of the speculative transactions shall be positive and negative differences of the transactions and not volume of the speculative transactions. Accordingly in view of the consist view taken by this Tribunal the turnover of the assessee would not exceed the limit as provided U/s 44AB, the penalty levied U/s 271B is deleted.
FULL TEXT OF THE ITAT JUDGEMENT
This appeal by the assessee is directed against the order dated 24.06.2019 of ld. CIT(A), Alwar arising from the penalty order passed U/s 271B of the ACT for the assessment year 2010-11. The assessee has raised the following ground:-
“1. The ld. CIT(A) has erred in confirming penalty of Rs. 1,00,000/-“
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